Northeast pending home sales drive national increase
Pending home sales across the U.S. were up slightly in July, led by a 4-percent increase in the Northeast.
The increase in the Northeast puts pending home sales up 12.1 percent over the same time a year prior, according to the National Association of Realtors (NAR). This is the largest growth of any region in the country, ahead of the South (.6 percent), the Midwest (unchanged), and the West (down 1.4 percent).
Pending sales for the U.S. were up just .5 percent in July to 110.9. Despite the modest increase, the pending home sale index has still increased year-over-year for 11 consecutive months and is the third highest reading of 2015, behind April (111.6) and May (112.3).
A sale is pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing, according to NAR. An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined.
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